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Niger Insurance pays N270.8m dividend

By on August 5, 2014

Niger Insurance Plc has said that it will pay N270.8m dividend to its shareholders in the 2013 financial period.

The Chairman of the company, Alhaji Bala Zakariyau, disclosed this during the firm’s 44th annual general meeting in Ilorin, Kwara State.

“The directors are recommending the payment of N270.8m as full and final dividend for the financial year in 2013. This amount represents, 3.5 kobo for every share of 50 kobo,” he said.

Notwithstanding the harsh operating environment, he said that he firm had a good performance during the year under review.

He said that the firm was delivering value to its shareholders which was a testimony that its business model was resilient enough to deliver on consistent basis.

The chairman said that the company achieved a gross written premium of N10.4bn in 2013 from N10.33bn in 2012.

Net operating profit, he said, stood at N674.3m in the year under review compared to N256.56m for the former year.

Profit after tax during the year under review, he said, was N599.47m from N470.17m in 2012, while the firm had a growth rate of 162.8 per cent and 27.5 per cent for profit before and after tax, respectively.

Zakariyau said the group profit before tax for 2013 was N716.1m from N703.4m in 2012, while profit after tax during the year under review was N627.42m from N776.2m in 20112.

“The company is looking into the possibility of doing away with any loss sustaining subsidiary so as not to impact negatively on the group performance,” he said.

He disclosed that the company’s total comprehensive income declined from N988.2m in 2012 to N794.6m in 2013, while the group’s figure was N1.29bn in 2012 and N822.5m in the 2013 financial period.

The chairman said that the firm would focus its attention on revamping and reintroducing old products after making them more attractive to the insuring public.

He, said, “We will continue to strengthen our renewed strategic alliances with insurance intermediaries and clients to engender improved market share and to advance our leadership position in the industry.”